INDEPENDENT BANK CORP/MA (INDB)

US4538361084 - Common Stock

52.76  +0.41 (+0.78%)

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to INDB. INDB was compared to 411 industry peers in the Banks industry. INDB has an average financial health and profitability rating. INDB has a valuation in line with the averages, but it does not seem to be growing. Finally INDB also has an excellent dividend rating.



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4

1. Profitability

1.1 Basic Checks

In the past year INDB was profitable.
INDB had a positive operating cash flow in the past year.
In the past 5 years INDB has always been profitable.
INDB had a positive operating cash flow in each of the past 5 years.

1.2 Ratios

Looking at the Return On Assets, with a value of 1.24%, INDB is in the better half of the industry, outperforming 79.81% of the companies in the same industry.
INDB's Return On Equity of 8.27% is in line compared to the rest of the industry. INDB outperforms 41.61% of its industry peers.
Industry RankSector Rank
ROA 1.24%
ROE 8.27%
ROIC N/A
ROA(3y)1.07%
ROA(5y)1.11%
ROE(3y)7.14%
ROE(5y)7.64%
ROIC(3y)N/A
ROIC(5y)N/A

1.3 Margins

INDB has a better Profit Margin (32.75%) than 85.64% of its industry peers.
INDB's Profit Margin has been stable in the last couple of years.
INDB does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) 32.75%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y9%
PM growth 5Y0.82%
GM growth 3YN/A
GM growth 5YN/A

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4

2. Health

2.1 Basic Checks

INDB does not have a ROIC to compare to the WACC, probably because it is not profitable.
INDB has less shares outstanding than it did 1 year ago.
INDB has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, INDB has an improved debt to assets ratio.

2.2 Solvency

The Debt to FCF ratio of INDB is 0.43, which is an excellent value as it means it would take INDB, only 0.43 years of fcf income to pay off all of its debts.
With an excellent Debt to FCF ratio value of 0.43, INDB belongs to the best of the industry, outperforming 83.45% of the companies in the same industry.
INDB has a Debt/Equity ratio of 0.04. This is a healthy value indicating a solid balance between debt and equity.
INDB has a better Debt to Equity ratio (0.04) than 84.18% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.04
Debt/FCF 0.43
Altman-Z N/A
ROIC/WACCN/A
WACC12.62%

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A

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2

3. Growth

3.1 Past

The earnings per share for INDB have decreased by -6.71% in the last year.
The Earnings Per Share has been growing slightly by 4.54% on average over the past years.
INDB shows a small growth in Revenue. In the last year, the Revenue has grown by 0.42%.
INDB shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 13.59% yearly.
EPS 1Y (TTM)-6.71%
EPS 3Y12.76%
EPS 5Y4.54%
EPS growth Q2Q-25.44%
Revenue 1Y (TTM)0.42%
Revenue growth 3Y15.13%
Revenue growth 5Y13.59%
Revenue growth Q2Q-11.73%

3.2 Future

Based on estimates for the next years, INDB will show a decrease in Earnings Per Share. The EPS will decrease by -3.95% on average per year.
Based on estimates for the next years, INDB will show a decrease in Revenue. The Revenue will decrease by -0.99% on average per year.
EPS Next Y-13.15%
EPS Next 2Y-3.95%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year-6.21%
Revenue Next 2Y-0.99%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.

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4

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 9.73, the valuation of INDB can be described as very reasonable.
INDB's Price/Earnings is on the same level as the industry average.
The average S&P500 Price/Earnings ratio is at 25.20. INDB is valued rather cheaply when compared to this.
A Price/Forward Earnings ratio of 11.21 indicates a reasonable valuation of INDB.
INDB's Price/Forward Earnings ratio is in line with the industry average.
INDB's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 21.63.
Industry RankSector Rank
PE 9.73
Fwd PE 11.21

4.2 Price Multiples

The rest of the industry has a similar Price/Free Cash Flow ratio as INDB.
Industry RankSector Rank
P/FCF 8.58
EV/EBITDA N/A

4.3 Compensation for Growth

INDB's earnings are expected to decrease with -3.95% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)2.14
EPS Next 2Y-3.95%
EPS Next 3YN/A

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8

5. Dividend

5.1 Amount

INDB has a Yearly Dividend Yield of 4.31%, which is a nice return.
INDB's Dividend Yield is a higher than the industry average which is at 3.86.
Compared to an average S&P500 Dividend Yield of 2.44, INDB pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.31%

5.2 History

The dividend of INDB is nicely growing with an annual growth rate of 8.57%!
INDB has been paying a dividend for at least 10 years, so it has a reliable track record.
INDB has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)8.57%
Div Incr Years13
Div Non Decr Years19

5.3 Sustainability

40.94% of the earnings are spent on dividend by INDB. This is a bit on the high side, but may be sustainable.
DP40.94%
EPS Next 2Y-3.95%
EPS Next 3YN/A

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INDEPENDENT BANK CORP/MA

NASDAQ:INDB (4/26/2024, 11:34:19 AM)

52.76

+0.41 (+0.78%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)
Earnings (Next)
Inst Owners
Inst Owner Change
Ins Owners
Ins Owner Change
Market Cap2.24B
Analysts
Price Target
Dividend
Industry RankSector Rank
Dividend Yield 4.31%
Dividend Growth(5Y)
DP
Div Incr Years
Div Non Decr Years
Ex-Date
Surprises & Revisions
EPS beat(2)
Avg EPS beat(2)
Min EPS beat(2)
Max EPS beat(2)
EPS beat(4)
Avg EPS beat(4)
Min EPS beat(4)
Max EPS beat(4)
EPS beat(8)
Avg EPS beat(8)
EPS beat(12)
Avg EPS beat(12)
EPS beat(16)
Avg EPS beat(16)
Revenue beat(2)
Avg Revenue beat(2)
Min Revenue beat(2)
Max Revenue beat(2)
Revenue beat(4)
Avg Revenue beat(4)
Min Revenue beat(4)
Max Revenue beat(4)
Revenue beat(8)
Avg Revenue beat(8)
Revenue beat(12)
Avg Revenue beat(12)
Revenue beat(16)
Avg Revenue beat(16)
PT rev (1m)
PT rev (3m)
EPS NQ rev (1m)
EPS NQ rev (3m)
EPS NY rev (1m)
EPS NY rev (3m)
Revenue NQ rev (1m)
Revenue NQ rev (3m)
Revenue NY rev (1m)
Revenue NY rev (3m)
Valuation
Industry RankSector Rank
PE 9.73
Fwd PE 11.21
P/S
P/FCF
P/OCF
P/B
P/tB
EV/EBITDA
EPS(TTM)
EY
EPS(NY)
Fwd EY
FCF(TTM)
FCFY
OCF(TTM)
OCFY
SpS
BVpS
TBVpS
PEG (NY)N/A
PEG (5Y)2.14
Profitability
Industry RankSector Rank
ROA 1.24%
ROE 8.27%
ROCE
ROIC
ROICexc
ROICexgc
OM N/A
PM (TTM) 32.75%
GM N/A
FCFM
ROA(3y)
ROA(5y)
ROE(3y)
ROE(5y)
ROIC(3y)
ROIC(5y)
ROICexc(3y)
ROICexc(5y)
ROICexgc(3y)
ROICexgc(5y)
ROCE(3y)
ROCE(5y)
ROICexcg growth 3Y
ROICexcg growth 5Y
ROICexc growth 3Y
ROICexc growth 5Y
OM growth 3Y
OM growth 5Y
PM growth 3Y
PM growth 5Y
GM growth 3Y
GM growth 5Y
F-Score
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.04
Debt/FCF
Debt/EBITDA
Cap/Depr
Cap/Sales
Interest Coverage
Cash Conversion
Profit Quality
Current Ratio N/A
Quick Ratio N/A
Altman-Z
F-Score
WACC
ROIC/WACC
Cap/Depr(3y)
Cap/Depr(5y)
Cap/Sales(3y)
Cap/Sales(5y)
Profit Quality(3y)
Profit Quality(5y)
Growth
EPS 1Y (TTM)-6.71%
EPS 3Y12.76%
EPS 5Y
EPS growth Q2Q
EPS Next Y-13.15%
EPS Next 2Y
EPS Next 3Y
EPS Next 5Y
Revenue 1Y (TTM)0.42%
Revenue growth 3Y15.13%
Revenue growth 5Y
Revenue growth Q2Q
Revenue Next Year
Revenue Next 2Y
Revenue Next 3Y
Revenue Next 5Y
EBIT growth 1Y
EBIT growth 3Y
EBIT growth 5Y
EBIT Next Year
EBIT Next 3Y
EBIT Next 5Y
FCF growth 1Y
FCF growth 3Y
FCF growth 5Y
OCF growth 1Y
OCF growth 3Y
OCF growth 5Y